Hardwick Clothes 33-year employee Jana Casteel performs a final inspection on a sports coat in this file photo.
Hardwick Clothes Inc., a Cleveland, Tenn., maker of blazers and other tailored clothing, has announced its filing of a voluntary bankruptcy petition for Chapter 11 reorganization.
In a release from Tommy Hopper, the company's chairman and president, it was stated that the main cause of the filing was "unexpected action of the Pension Benefit Guaranty Corporation (PBGC) in demanding immediate payment of liabilities related to Hardwick’s terminated pension plan and PBGC’s threat to file a tax lien on Hardwick’s assets if immediate payment is not made."
Hardwick said its filing was aimed at protecting company assets and the firm's 225 employees.
The 133-year-old area business said it anticipates continuing business during the bankruptcy proceedings and is confident it will "emerge from the Chapter 11 with a financially solid, ongoing business."